RBNZ has requested two reports from ANZ New Zealand to provide assurance it is operating in a prudent manner. The first report will cover ANZ New Zealand’s compliance with the current and historic capital adequacy requirements of RBNZ. The second report will assess the effectiveness of ANZ New Zealand’s Director’s Attestation and Assurance framework, focusing on internal governance, risk management, and internal controls.
Section 95 of the Reserve Bank of New Zealand Act 1989 gives the Reserve Bank the power to require a bank to provide a report by a Reserve Bank-approved, independent person. These reviews can investigate issues such as risk management, corporate or financial matters, and operational systems.
Related Link: News Release
Keywords: Asia Pacific, New Zealand, Banking, ANZ, Capital Adequacy, Governance, Internal Controls, Operational Risk, RBNZ
Previous ArticleIMF Publishes Reports Assessing Financial System Stability in Canada
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.